Liquid crystals have been intensively studied as functional materials. Recently, integration of various disciplines has led to new directions in the design of functional liquid‐crystalline materials in the fields of energy, water, photonics, actuation, sensing, and biotechnology. Here, recent advances in functional liquid crystals based on polymers, supramolecular complexes, gels, colloids, and inorganic‐based hybrids are reviewed, from design strategies to functionalization of these materials and interfaces. New insights into liquid crystals provided by significant progress in advanced measurements and computational simulations, which enhance new design and functionalization of liquid‐crystalline materials, are also discussed.